• Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

  • Here's a Comprehensive Tool To Plan Your Child's Future

  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

  • Paying your Renewal Premium is Quick and Easy!

  • Know the right amount of Insurance you need in just a few steps!

  • Avail Term Insurance Tax Benefits under Section 80D

  • Know how to invest money during the covid-19 pandemic!


Thanks for showing your interest, A representative from
Bajaj Allianz life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead


I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business


Please refer to BALIC Privacy Policy

In this policy, the investment risk in investment portfolio is borne by the policy holder.

Strong Long Term Fund Performance Track Record**

One Of The Most Trusted Brands#

Mistakes one must avoid while filing Income Tax Returns | Bajaj Allianz Life

Tax Benefits~ On Online ULIP Plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

**, #, T&C Apply | BJAZ-WB-EC-02755/21

Mistakes one must avoid while filing Income Tax Returns

By : Bajaj Allianz Life

If you’re earning an income of more than Rs. 2.5 lakhs a year, you’re mandatorily required to file an income tax return (ITR) every year on or before the 31st of July. And since it is basically a record of the income that you earned during a year, you need to exercise maximum caution while filing your income tax returns.

Every year, many individuals make mistakes while filing their ITR landing them in unnecessary trouble. You wouldn’t want any of that to happen to you now, would you? Therefore, in the interest of your well-being, we’re going to be taking a look at a few commonly made mistakes that you should avoid while filing your tax returns.


Mistakes one must avoid while filing ITR


Here we have 5 of the most commonly made mistakes that happen during the time of filing.


1. Using the wrong form


This is a very common mistake that many individuals who file income tax returns make. The Income Tax Department has notified as many as 7 different ITR forms, ranging from ITR-1 to ITR-7. Depending on your income source and level, the ITR that you’re required to file would change. Let’s take a quick look at the different ITRs applicable to individuals and who should file them.

ITR Form

Who should file them


Individuals having income up to Rs. 50 lakhs arising from salaries, house property, or other sources


Individuals having income above Rs. 50 lakhs arising from any source except business or profession


Individuals deriving income from business or profession


Individuals who opt for the presumptive taxation scheme under the Income Tax Act, 1961


2. Failing to disclose all sources of income


Again, this is another major mistake that individuals tend to make when filing for income tax returns. Not disclosing your income sources when filing can have tremendous and dangerous repercussions. You could either be penalized or legally prosecuted for doing that, even if the nondisclosure was unintentional. Therefore, when you file for income tax, make sure that you include all your income sources including any interest income that you may have earned from your bank deposits. The same should be verified/matched with the details available under Annual Information Statement (AIS) which is available online on the respective person’s account (logged in with corresponding PAN) on the Income tax portal.


3. Incorrect or incomplete bank account details


The taxes that you’ve paid in a year, through TDS and advance tax payments, may sometimes be more than what you’re actually required to pay. In such cases, you can actually get a refund of the excess taxes that you’ve paid to the tax department by filing ITR within the due date.

To get a refund of the excess taxes paid, you’re required to specify your bank account details in the income tax return. Making a mistake while entering the details can either stall or delay the refund. And so, this is something that you should be mindful of while filing your ITR, especially if you have a tax refund due.


4. Missing the due date for filing returns


Many individuals tend to procrastinate when it comes to filing their ITRs. Too much procrastination can lead to you missing the due dates for filing. And filing your ITR after the due date will attract a penalty of Rs. 1,000 if your total income is Rs. 5 lakhs or less and Rs. 5,000 if your total income is more than Rs. 5 lakhs. So, just to be safe, always make sure that you file your returns at least a month before the due date.


5. Forgetting to verify your ITR


Successfully uploading your income tax return is far from the last step. For your ITR to actually be considered as filed by the Income Tax Department, one must verify the uploaded return. You can do the verification electronically through Aadhaar OTP or through an Electronic Verification Code (EVC). Therefore, the next time you upload your income tax return, ensure that you verify it immediately using any one of the above methods.




Now that you’re aware of the most commonly made mistakes, make sure that you don’t commit any of them. Also, remember to file your income tax return as early as possible. Taking it too close to the due date is dangerous and may lead to you missing the filing date altogether.


Bajaj Allianz Life Videos


Presenting Shubman Gill as The New ACE Of India | Bajaj Allianz Life | Bajaj Allianz Life ACE

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM (IST)

Saturday - 9:00 AM to 1:00 PM (IST)

Customer Care Helpline:


Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:


Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.